The price at which an individual trader believes a stock is fairly valued, which differs from trader to trader depending on their entry price, position, and recent experience. A trader holding a winner sees the price differently from a trader locked-in at a loss or a short who needs lower prices. When the perceived values of thousands of participants are aggregated, they map approximately to the trend channel: the upper trend line marks the pain level for shorts and the take-profit level for longs; the lower trend line marks the pain level for longs and the entry level for fresh buyers. This is why trend lines appear to offer resistance—they aggregate the perceived values of the crowd.